It was calved off from the Amoskeag Manufacturing Company (AMC) of New Hampshire in 1925, which went bankrupt a decade later.
Through its subsidiary the Pillowtex Corporation it was the last owner of the Fieldcrest Mills in North Carolina.
[1][2] When AMC profits declined in the mid-1920s, the Amoskeag Company was created as a shelter in order to transfer all of the profits from the manufacturing company's booming years clear both of that firm's operational needs and possible business failure.
When AMC declared bankruptcy in 1936 that money was untouchable, allowing the holding company to continue unaffected.
Oak Point Partners acquired the remnant assets of the Pillowtex Liquidating Trust in February 2012.